EX-99.2 3 ex99_2.htm EXHIBIT 99.2 ex99_2.htm
 
Exhibit Number
 
Description
99.2
 
Schedule of Consolidated Statements of Cash Flows Line Item Reclassification dated December 4, 2007

The effects of the restatement of the Consolidated Statements of Cash Flows for the years ended March 31, 2007, 2006 and 2005, respectively, are reflected in the following tables:

   
For the Year Ended March 31, 2007
  
   
As Reported
    
Adjustment
    
As Restated
  
Cash Flows from Operating Activities
                  
Net cash (used for) provided from operating activities
   $ (1,356,915 )   $
-
     $ (1,356,915 )
Cash Flows from Investing Activities
                        
Purchases of available for sale securities
    
-
       (17,300,000 )     (17,300,000 )
Sale of available for sale securities
    
-
      
20,025,000
      
20,025,000
  
Net cash provided from investing activities
    
45,361
      
2,725,000
      
2,770,361
  
Cash Flows from Financing Activities
                        
Net cash used for financing activities
     (872,854 )    
-
       (872,854 )
Net (Decrease) Increase in Cash and Cash Equivalents
     (2,184,408 )    
2,725,000
      
540,592
  
Cash and Cash Equivalents at beginning of year
    
8,947,777
       (8,175,000 )    
772,777
  
Cash and Cash Equivalents at end of year
   $
6,763,369
     $ (5,450,000 )   $
1,313,369
  

   
For the Year Ended March 31, 2006
  
   
As Reported
    
Adjustment
    
As Restated
  
Cash Flows from Operating Activities
                  
Net cash (used for) provided from operating activities
   $ (3,275,978 )   $
-
     $ (3,275,978 )
Cash Flows from Investing Activities
                        
Purchases of available for sales securities
    
-
       (14,550,000 )     (14,550,000 )
Sale of available for sales securities
    
-
      
15,925,000
      
15,925,000
  
Net cash provided from investing activities
    
1,509,125
      
1,375,000
      
2,884,125
  
Cash Flows from Financing Activities
                        
Net cash used for financing activities
     (98,862 )    
-
       (98,862 )
Net (Decrease) Increase in Cash and Cash Equivalents
     (1,865,715 )    
1,750,000
       (490,715 )
Cash and Cash Equivalents at beginning of year
    
10,813,492
       (9,550,000 )    
1,263,492
  
Cash and Cash Equivalents at end of year
   $
8,947,777
     $ (8,175,000 )   $
772,777
  

   
For the Year Ended March 31, 2005
  
   
As Reported
    
Adjustment
    
As Restated
  
Cash Flows from Operating Activities
                  
Net cash (used for) provided from operating activities
   $ (2,246,925 )   $
-
     $ (2,246,925 )
Cash Flows from Investing Activities
                        
Purchases of available for sale securities
    
-
       (1,300,000 )     (1,300,000 )
Sale of available for sale securities
    
-
      
2,150,000
      
2,150,000
  
Net cash (used for) provided from investing activities
     (249,229 )    
850,000
      
600,771
  
Cash Flows from Financing Activities
                        
Net cash used for financing activities
     (235,264 )    
-
       (235,264 )
Net (Decrease) Increase in Cash and Cash Equivalents
     (2,731,418 )    
850,000
       (1,881,418 )
Cash and Cash Equivalents at beginning of year
    
13,544,910
       (10,400,000 )    
3,144,910
  
Cash and Cash Equivalents at end of year
   $
10,813,492
     $ (9,550,000 )   $
1,263,492
  

 
 
 
 
The effects of the restatement of the un-audited Consolidated Statements of Cash Flows for the quarters ended June 30, 2007 and 2006, respectively, are reflected in the following table:


   
For the Three Months Ended June 30, 2007
  
   
As Reported
    
Adjustment
    
As Restated
  
Cash Flows from Operating Activities
                  
Net cash (used for) provided from operating activities
   $ (503,167 )   $
-
     $ (503,167 )
Cash Flows from Investing Activities
                        
Purchases of available for sale securities
    
-
       (1,525,000 )     (1,525,000 )
Sale of available for sale securities
    
-
      
2,075,000
      
2,075,000
  
Net cash provided from investing activities
    
244,523
      
550,000
      
794,523
  
Cash Flows from Financing Activities
                        
Net cash used for financing activities
     (16,945 )    
-
       (16,945 )
Foreign currency translation
    
21,326
      
-
      
21,326
  
Net (Decrease) Increase in Cash and Cash Equivalents
     (254,263 )    
550,000
      
295,737
  
Cash and Cash Equivalents at beginning of period
    
6,763,369
       (5,450,000 )    
1,313,369
  
Cash and Cash Equivalents at end of period
   $
6,509,106
     $ (4,900,000 )   $
1,609,106
  

   
For the Three Months Ended June 30, 2006
  
   
As Reported
    
Adjustment
    
As Restated
  
Cash Flows from Operating Activities
                  
Net cash (used for) provided from operating activities
   $ (946,762 )   $
-
     $ (946,762 )
Cash Flows from Investing Activities
                        
Purchases of available for sale securities
    
-
       (3,500,000 )     (3,500,000 )
Sale of available for sale securities
    
-
      
4,750,000
      
4,750,000
  
Net cash provided from investing activities
    
165,895
      
1,250,000
      
1,415,895
  
Cash Flows from Financing Activities
                        
Net cash used for financing activities
     (3,864 )    
-
       (3,864 )
Foreign currency translation
     (19,100 )    
-
       (19,100 )
Net (Decrease) Increase in Cash and Cash Equivalents
     (803,831 )    
1,250,000
      
446,169
  
Cash and Cash Equivalents at beginning of period
    
8,947,777
       (8,175,000 )    
772,777
  
Cash and Cash Equivalents at end of period
   $
8,143,946
     $ (6,925,000 )   $
1,218,946